One of Switzerland's oldest private banks, which already has the UK-based Berry Asset Management business, is to set up a London office.

Geneva-based private banking group Bordier & Cie today announced it is to establish a London office. Bordier & Cie (UK) Limited, as the operation will be known, is expected to open its doors for business within six months, and will incorporate two divisions.

The bank’s existing London business, Berry Asset Management, will evolve as the UK-facing division and cater for existing clients, with a multi-disciplinary team to be recruited for a new division, which will cater for the needs of resident non-domiciled and international clients, a statement from Bordier & Cie said.

Bordier & Cie (UK) Limited will operate from Berry’s existing offices on Pall Mall in London, with Berry Asset Management chief executive officer, Jamie MacLeod and chairman, Jamie Berry, appointed CEO and chairman respectively of the new operation. The plans are subject to regulatory approvals by the Financial Conduct Authority.

MacLeod, who has led Berry Asset Management over the course of the last three years, will also join Bordier & Cie’s most senior executive team in Switzerland, the statement said.

“We have developed a comprehensive suite of wealth management services to meet the needs of the ultra high net worth, the mass affluent, trusts, pension funds and charities, and have continued to innovate.  Today our assets under management stand at an all-time high,” MacLeod said.

Although some of the characteristics of the Berry business will not change, what will be different will be clients’ access to a broader investment offering,” he said.

Further announcements will be made in due course, the statement added.

The development represents further evolution in the life of Bordier & Cie, a bank that was established 170 years ago; it is owned and managed by the descendants of the founding families; the partners have unlimited personal liability for all the transactions entered into by the bank, making it one of a handful of such Swiss private banks operating under this structure. Bordier & Cie had more than £7 billion ($11.7 billion) of assets under management at the end of last year and employs around 220 staff.